Rosfinmonitoring Took Control of Cryptocurrency Turnover in the Russian Federation

In accordance with the measures taken against money laundering (FATF), Rosfinmonitoring took control of any operations related to cryptocurrency, the deputy head of the service said.

Exchanges, ICO sites and digital wallet operators will be registered and verified. Additionally, the officials will monitor fiat operations exceeding 600 thousand rubles.

Rosfinmonitoring plans to control the circulation of cryptocurrencies in accordance with the recommendations of FATF, the vice president of Rosfinmonitoring Pavel Livadny told to “Izvestia” newspaper.

The head noted that all countries that are the members of FATF need to review their legislation regarding legalization, registration and fixed accounting of crypto-asset exchangers, as well as administrators of digital wallets and ICO platforms.

Additionally, Livadny strongly recommended to abide by AML standards. The FATF recommendations allow cryptocurrencies “to circulate and be exchanged digitally, and be used for payments and investments” said a representative of Rosfinmonitoring. In accordance with this, ordinary, non-cash funds, securities and other assets are not correctly called crypto assets.

Rosfinmonitoring will regulate exchange of virtual money into fiat money, as well as other operations with them. At the moment, the price limit for fiat currency transfers is 600 thousand rubles, and for implementation of crypto operations it has not been established yet.

The head of RACIB, Yuri Pripachkin, is sure that the market participants are obliged to inform the regulator of the transactions, the amount of which exceeds 600,000 rubles. If the operation is up to 15 thousand rubles, then it may be anonymous.

This month, the representative of the President of the Russian Federation on digital development, Dmitry Peskov, made a statement about the intentions of the authorities to regulate the cryptocurrency market in accordance with FATF standards.

Regarding cryptocurrency monitoring, Russian legislation will be revised and amended “in the near future” Livadny added.

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